Florida Foreclosure Defense Lawyers Blog

Former chairman of Taylor, Bean & Whitaker, Lee Farkas, has been found guilty of 14 counts of fraud. All of the charges stem from a multi-billion dollar fraud orchestrated by Farkas. The fraud brought on the demise of the Taylor, Bean & Whitaker and Colonial Bank. Taylor, Bean & Whitaker was the largest non-bank mortgage lender in the United States in 2009. Government housing agencies quit doing business with Farkas after improper bookkeeping practices were uncovered. Additionally, Farkas was convicted of attempting to fraudulently obtain $550 million in TARP funds for his primary lender Colonial Bank. Colonial Bank did not receive any TARP funds. Farkas has yet to be sentenced.